Tuesday, 09 Aug 2011
Coal & Allied Industries Limited advises that on August 6th 2011 it received an incomplete, non binding, conditional and indicative proposal from| Rio Tinto Limited which could lead to a takeover offer being made to acquire all the outstanding shares in CNA not held by Rio Tinto and Mitsubishi Development Pty Ltd. CNA gives no assurances that the Indicative Proposal will lead to a takeover offer being made.
If it proceeds, the Indicative Proposal is expected to be implemented by way of an off market takeover bid by a company that will be jointly owned by Rio Tinto and Mitsubishi. If completed, the Indicative Proposal would result in those parties owning 80% and 20% of CNA respectively. Rio Tinto currently owns 75.7% of CNA and Mitsubishi currently owns 10.2% of CNA.
In order for the Indicative Proposal to progress and potentially be put to shareholders, Rio Tinto has advised CNA that it is necessary to finalise its arrangements with Mitsubishi and for the CNA minority shareholders to approve certain arrangements between Rio Tinto and Mitsubishi relating to the implementation of the Indicative Proposal for the purposes of section 611 of the Corporations Act.
Coal & Allied Industries Limited advises that on August 6th 2011 it received an incomplete, non binding, conditional and indicative proposal from| Rio Tinto Limited which could lead to a takeover offer being made to acquire all the outstanding shares in CNA not held by Rio Tinto and Mitsubishi Development Pty Ltd. CNA gives no assurances that the Indicative Proposal will lead to a takeover offer being made.
If it proceeds, the Indicative Proposal is expected to be implemented by way of an off market takeover bid by a company that will be jointly owned by Rio Tinto and Mitsubishi. If completed, the Indicative Proposal would result in those parties owning 80% and 20% of CNA respectively. Rio Tinto currently owns 75.7% of CNA and Mitsubishi currently owns 10.2% of CNA.
In order for the Indicative Proposal to progress and potentially be put to shareholders, Rio Tinto has advised CNA that it is necessary to finalise its arrangements with Mitsubishi and for the CNA minority shareholders to approve certain arrangements between Rio Tinto and Mitsubishi relating to the implementation of the Indicative Proposal for the purposes of section 611 of the Corporations Act.
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